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Facts
The assessee's appeal arose from an assessment order concerning bullion items seized from her locker. The Assessing Officer assessed these items under Section 69A of the Income Tax Act, 1961.
Held
The Tribunal held that the CBDT circular permitting 500 gms of jewellery for married women did not apply to 24kt gold coins, as they could not be termed 'jewelry'. However, for raw gold, half of it was added with a rider it would not set a precedent.
Key Issues
Whether 24kt gold coins seized can be treated as jewellery for the purpose of the CBDT circular? Applicability of CBDT circular to raw gold.
Sections Cited
143(3), 69A
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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
Asstt. Year : 2023-24 Kavita Bansal, Vs ACIT, CH. No. 206-207, Ansal Satyam, Central Circle, RDC, Rajnagar, Ghaziabad-201002 Ghaziabad-201002 (APPELLANT) (RESPONDENT) PAN No. AOIPB3052M Assessee by: Sh. Akhilesh Kumar, Adv. & Sh. Vipin Garg, Adv. Revenue by : Ms. Ambika Agarwal, Sr. DR Date of Hearing: 08.10.2025 Date of Pronouncement: 08.10.2025 ORDER This assessee’s appeal for Assessment Year 2023-24, arises against the CIT(A)-3, Noida’s DIN & order No. ITBA/APL/M/250/2025-26/1076923698(1) dated 11.06.2025, in proceedings u/s 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
The precise issue which arises herein for the tribunal’s apt adjudication; as per both parties respective pleadings, is that of correctness of the learned lower authorities’ action assessing the assessee qua various bullion items seized from her joint locker(s) maintained with her husband, in assessment order dated 28.03.2025 as upheld in the lower appellate discussion. There is no dispute between the parties that the above gold,
Faced with this situation, learned counsel straightway invites the tribunal’s attention to page 29 in the paper book indicating the corresponding valuation report dated 31.01.2023. His endeavour therefore is to get the assessee’s case covered under the CBDT’s landmark benevolent circular No. 1916 dated 11.05.1992 permitting 500 gms. jewellery in case of a married women. The Revenue case on the other hand is that the list of the seized items herein mainly involves 24kt. items including gold coins etc. which could not be termed as “jewelry”. This tribunal’s find merit in the Revenue’s foregoing contention to this effect as only jewellery items are being sought to be granted benefit under the CBDT benevolent circular. I accordingly see no merit in the assessee’s vehement contentions qua item Nos. 3, 4, 5 & 7 which includes only 24kt. gold coins assessed in her case.
Coming to the last item of raw gold weighing 60 gms., both the parties are fair enough in not disputing the fact that possibility of various quality or quality issues etc. therein could be altogether ruled out. That being the case, it is deemed appropriate in the larger interest of justice that the said raw gold of 60 gms. shall now be added to the extent of 30 gms.
No other ground or arguments has been pressed.